The global digital asset management market was 1.7 billion USD in 2016
and is forecasted to reach 5.64 billion USD by 2022 at an impressive
CAGR of 22.13% for the period.

Digital asset management (DAM) is an enterprise solution for storing,
organizing, retrieving, sharing, and backing up digital assets such as
photos, music, videos, animations, podcasts and other multimedia
content, and managing their rights and permissions. DAM enables usage
tracking, creative workflow automation, archival, backups, and more.
Implementation of DAM will enable organizations to automate their
services, improve product launch cycles and distribution channels, and
enhance their brand value. Digital asset management, although in a
nascent stage right now, has immense potential to grow due to
enhancement in technology and innovation.

The DAM market is dominated by North America (U.S. and Canada), due to
large number of vendors present and the increasing digital
transformation occurring in the region. The other dominant geographical
regions are Europe, Asia Pacific, Latin America, and Middle East and
Africa. Emerging economies in the Asia Pacific region such as India and
China are forecasted to lead the market in terms of growth rate in the
near future due to growing demand for digitization. India, being the hub
of consultancy and outsourced projects, will realize an immense scope of
usage of DAM solutions.

The media and entertainment industry accounts for the largest market
share in DAM in 2016, due to the enormous amount of digital data
produced. The rise of e-commerce sector is also expected to aid the DAM
industry.

Drivers Vs. Constraints

Top market drivers for digital asset management:

Shift to SaaS from on premise software.

Increased need for management of rich media content.

Immense scope of DAM usage across industries such as retail, media and
entertainment, military, consumer goods, and transportation.